THELOGICALINDIAN - Key Points
Bitcoin amount was in a bullish trend this accomplished anniversary adjoin the US Dollar, and it looks like BTC/USD may extend assets aloft $1450 in the abreast term.
Bitcoin Price Buy and Dip Scenario
This accomplished week, we discussed how Bitcoin amount established a bullish trend above $1250 adjoin the US Dollar. There was alike a monster ascendance approach with abutment at $1285-80 formed on the 4-hours blueprint of BTC/USD. It acted as a absolute abutment zone, and after the amount bankrupt its attrition for a move aloft $1350. The upside move was actual sharp, as the amount bankrupt accomplished $1400 as well. A new account aerial at $1447 was formed (data augment from SimpleFX).
Later, the amount started a correction, and confused beneath the $1400 to barter as low as $1363. There is an accretion triangle with abutment at $1405 formed on the 4-hours blueprint of BTC/USD. It acted as a aloft barrier for sellers and pushed the amount aback aloft $1380. There was a bright breach aloft the 50% Fib retracement akin of the aftermost abatement from the $1447 aerial to $1363 low. The amount additionally managed to achieve aloft the $1400 handle, and traded with a positive bias.
At the moment, the amount is disturbing to breach the 76.4% Fib retracement akin of the aftermost abatement from the $1447 aerial to $1363 low. So, there is a adventitious of a accessory dip appear $1410-05 afore the amount resumes its uptrend. The all-embracing trend charcoal bullish as continued as the amount is aloft $1380.
Looking at the abstruse indicators:
4-hours MACD – The MACD is currently abbreviation the bullish slope.
4-hours RSI (Relative Strength Index) – The RSI is affective able-bodied aloft the 50 level.
Major Support Level – $1380
Major Resistance Level – $1440
Charts address – SimpleFX
